Global Financial Centres Index

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The Global Financial Centres Index (GFCI) is a ranking of the competitiveness of financial centres based on over 29,000 financial centre assessments from an online questionnaire together with over 100 indices from organisations such as the World Bank, the Organisation for Economic Co-operation and Development (OECD), and the Economist Intelligence Unit. The first index was published in March 2007. It has been jointly published twice per year by Z/Yen Group in London and the China Development Institute in Shenzhen since 2015,[1] and is widely quoted as a top source for ranking financial centres.[2][3][4][5]


The ranking is an aggregate of indices from five key areas: "business environment", "financial sector development", "infrastructure factors", "human capital", "reputation and general factors". As of March 26, 2020, the top centres worldwide are:[6]

N.B. Vilnius, San Diego, Tehran, and Barbados are the latest new entries, having not been included in the GFCI 26 ranking.

Financial centre profiles

This report ranked 108 international financial centers into the following matrix, as of 26 March 2020:[6]

Level Broad & deep
Global Leaders
Relatively broad
Global Diversified
Relatively deep
Global Specialists
Global Contenders
Global China Beijing
United States Chicago
United Arab Emirates Dubai
 Hong Kong
United Kingdom London
United States Los Angeles
United States New York City
China Shanghai
Japan Tokyo
United States Washington, D.C.
Switzerland Zürich
Netherlands Amsterdam
United States Boston
Republic of Ireland Dublin
Germany Frankfurt
Russia Moscow
France Paris
South Korea Seoul
China Chengdu
China Guangzhou
China Qingdao
United Arab Emirates Abu Dhabi
China Dalian
China Shenzhen
Level Broad & deep
Established International
Relatively broad
International Diversified
Relatively deep
International Specialists
International Contenders
International Greece Athens
United Kingdom Edinburgh
Germany Hamburg
Malaysia Kuala Lumpur
Portugal Lisbon
Australia Melbourne
Canada Montreal
Germany Munich
United States San Francisco
Germany Stuttgart
Israel Tel Aviv
Thailand Bangkok
Belgium Brussels
Denmark Copenhagen
Switzerland Geneva
Turkey Istanbul
Spain Madrid
Italy Milan
Italy Rome
Sweden Stockholm
Australia Sydney
Canada Toronto
Austria Vienna
Kazakhstan Almaty
Argentina Buenos Aires
South Korea Busan
Morocco Casablanca
 Cayman Islands
Qatar Doha
China Nanjing
Taiwan Taipei
Estonia Tallinn
Lithuania Vilnius
 British Virgin Islands
India GIFT City-Gujarat
China Hangzhou
Luxembourg Luxembourg
India Mumbai
India New Delhi
Kazakhstan Nur-Sultan
China Tianjin
Level Broad & deep
Established Players
Relatively broad
Local Diversified
Relatively deep
Local Specialists
Evolving Centres
Local Hungary Budapest
Canada Calgary
United Kingdom Glasgow
Finland Helsinki
Japan Osaka
Norway Oslo
Czech Republic Prague
United States San Diego
Chile Santiago
Canada Vancouver
New Zealand Wellington
South Africa Johannesburg
Mexico Mexico City
Brazil São Paulo
Poland Warsaw
Azerbaijan Baku
Indonesia Jakarta
Kuwait Kuwait City
Philippines Manila
Kenya Nairobi
Iceland Reykjavik
Latvia Riga
Saudi Arabia Riyadh
Russia Saint Petersburg
Bulgaria Sofia
Iran Tehran
South Africa Cape Town
 Isle of Man
Brazil Rio de Janeiro

Top 15 Centres by Area of Competitiveness

This is run for five separate areas of competitiveness to assess how financial centres perform in each of the areas.[6]

Level Business Environment Human Capital Infrastructure Financial Sector Development Reputational and General
1 United States New York City United States New York City United States New York City United States New York City United States New York City
2 United Kingdom London United Kingdom London United Kingdom London United Kingdom London United Kingdom London
3 Hong Kong Hong Kong Hong Kong Hong Kong Singapore Singapore Singapore Singapore Singapore Singapore
4 Singapore Singapore Luxembourg Luxembourg Japan Tokyo Switzerland Zürich Hong Kong Hong Kong
5 Germany Frankfurt Singapore Singapore Hong Kong Hong Kong Germany Frankfurt Norway Oslo
6 Switzerland Zürich China Shanghai Switzerland Geneva Hong Kong Hong Kong Japan Tokyo
7 United States Chicago China Beijing Switzerland Zürich Switzerland Geneva France Paris
8 Switzerland Geneva France Paris Sweden Stockholm Netherlands Amsterdam Republic of Ireland Dublin
9 Canada Toronto United States Chicago China Shanghai China Shanghai China Shanghai
10 Canada Montréal United Arab Emirates Dubai United States San Francisco Japan Tokyo China Beijing
11 Norway Oslo Japan Tokyo China Beijing United States San Francisco Switzerland Zürich
12 United Kingdom Edinburgh Belgium Brussels United Arab Emirates Dubai France Paris Netherlands Amsterdam
13 Denmark Copenhagen United States San Francisco France Paris United Arab Emirates Dubai Germany Frankfurt
14 Netherlands Amsterdam Germany Frankfurt Australia Sydney Luxembourg Luxembourg United Kingdom Edinburgh
15 Republic of Ireland Dublin United States Los Angeles Canada Vancouver Denmark Copenhagen Australia Sydney

Top 15 Centres by Industry Sector

This creates separate sub-indices: Banking, Investment Management, Insurance, Professional Services, and Government & Regulatory sectors.[1]

Level Banking Investment Management Insurance Professional Services Government and Regulatory Sectors
1 United States New York City United States New York City Luxembourg Luxembourg United States New York City United States New York City
2 China Shanghai China Shanghai United States New York City United Kingdom London United Kingdom London
3 United Kingdom London Singapore Singapore United Kingdom London Hong Kong Hong Kong Luxembourg Luxembourg
4 Hong Kong Hong Kong United Kingdom London Singapore Singapore United Arab Emirates Dubai Hong Kong Hong Kong
5 Japan Tokyo Hong Kong Hong Kong Switzerland Zürich Singapore Singapore Singapore Singapore
6 Singapore Singapore China Beijing Switzerland Geneva China Shanghai China Shanghai
7 China Beijing Germany Frankfurt Germany Frankfurt Canada Toronto Japan Tokyo
8 United States San Francisco Canada Toronto Hong Kong Hong Kong Switzerland Geneva Switzerland Zürich
9 Switzerland Geneva United States San Francisco United Arab Emirates Abu Dhabi Germany Frankfurt Germany Frankfurt
10 China Shenzhen United States Boston China Shanghai China Beijing United States Los Angeles
11 Australia Sydney United Arab Emirates Dubai United States Los Angeles Switzerland Zürich Israel Tel Aviv
12 Australia Melbourne Japan Tokyo Canada Toronto Japan Tokyo China Beijing
13 Germany Frankfurt Luxembourg Luxembourg United States Chicago Israel Tel Aviv United States San Francisco
14 France Paris China Shenzhen China Beijing Australia Sydney Lithuania Vilnius
15 China Guangzhou Switzerland Zürich United Arab Emirates Dubai United States San Francisco Switzerland Geneva

Key areas

The human capital factors summarise the availability of a skilled workforce, the flexibility of the labour market, the quality of the business education and the skill-set of the workforce, and quality of life. The business environment factors aggregate and value the regulation, tax rates, levels of corruption, economic freedom and how difficult in general it is to do business. To measure regulation an online questionnaire has been used. The financial sector development factors assess the volume and value of trading in capital markets and other financial markets, the cluster effect of the number of different financial service companies at the location, and employment and economic output indicators. The infrastructure factors account for the price and availability of office space at the location, as well as public transport. Reputation and General considers more subjective aspects such as innovation, brand appeal, cultural diversity and competitive positioning.

Industry sectors

The index provides sub-rankings in the main areas of financial services – banking, investment management, insurance, professional services, government and regulation.


  1. ^ a b
  2. ^ See, for example, Yoshio Okubo, Vice Chairman, Japan Securities Dealers Association (October 2014). "Comparison of Global Financial Center". Harvard Law School, Program on International Financial Systems, Japan-U.S. Symposium. Retrieved 30 May 2015.CS1 maint: multiple names: authors list (link)
  3. ^ "New York Strips London of Mantle as World's Top Financial Center". Bloomberg L.P. 17 March 2014. Retrieved 30 May 2015.
  4. ^ "New York and London vie for crown of world's top financial centre". The Financial Times (subscription required). 1 October 2014. Retrieved 24 May 2015.
  5. ^ "Seoul's Rise as a Global Financial Center". The Korea Society. 21 September 2012. Retrieved 25 May 2015.
  6. ^ a b c "The Global Financial Centres Index 27" (PDF). Long Finance. March 2020. Retrieved 5 April 2020.